Kendriya Vidyalaya Sangathan, Jaipur Region

Pre- Board Examination 2019-20

Class XII – Accountancy(055)
Marking Scheme

Ans 1 Canteen Expenses in the Expenditure side and canteen Receipts in the income side of
Income and Expenditure Account. (1/2 mark for each correct treatment)

Ans 2 Cash/Bank A/c Dr 52,000

A's Capital A/c Dr 80,000
To Realisation A/c 1,32,000
(Being Assets realized and some taken over by Partner A). (1 Mark)

Ans 3 Sundry Assets Dr.

To Revaluation A/c
(Being Unrecorded asset recorded) (1 Mark)

Ans 4 Fixed Capital account will have credit balance whereas Fluctuating Capital account can
have debit balance as well. (1 Mark)

Ans 5 Rs. 70,000 (1 Mark)

Ans 6 New Profit Sharing Ratio=9:4:3:4 (1 Mark)

Ans 7 1:1 (1 Mark)

Ans 8 Varun’s wife’s loan will be paid first as it’s an outside liability (third party liability). (1
Mark)

Ans 9 (a) Rs.600 (1 Mark)

Ans 10 (d) 5,000 cr. (1 Mark)

Ans 11 Partners’ capital A/c Dr.

To Partners’ Loan a/c (1 Mark)

Ans 12 Rs. 8 per share(1 Mark)

Ans 13 120 days (1 Mark)

Ans 14 Stationery Purchased Rs. 16,500

1
Stationery consumed Rs. 17,500 (1.5 marks each)
OR
1 Mark for each correct feature

Ans 15
a)Bank A/c......................Dr. 10,00,750
To Realisation A/c 10,00,750
(Assets realised)

b)Realisation A/c............Dr. 1,00,075

To Sujeet’s Capital A/c 1,00,075
(10% of assets realized paid as remuneration)

c)Sujeet’s Capital A/c........Dr. 90,000

To Bank/Cash A/c 90,000
(realization expense paid on behalf of sujeet)

d)Realisation A/c............Dr. 4,50,000

To Bank A/c 4,50,000
(Creditors paid in full settlement) (1 mark for each correct entry)

Ans 16
(i) Interest on Capital A/c......Dr. 12,600
To A’s Current A/c 5,400

To B’s Current A/c 7,200

(Interest on capital credited to Partners’ Current A/c)
(ii) P& L Appropriation A/c......Dr. 12,600
To Interest on Capital A/c 12,600
(Interest on capital transferred to P& L Appropriation A/c) (1+1)
Working Notes:
Interest on Capital:
A= 12% of 60,000= 7,200
B= 12% of 80,000=9,600
Total interest=16,800 (1)
Since profits are insufficient Interest on capital will be distributed in the ratio of 7,200:9,600
i.e.3:4
A= 3/7 of 12,600=5,400
B=4/7 of 12,600=7,200 (1)
OR

Bhanu’s Capital A/c Dr 11,000

To Chand’s Capital A/c 3,000
To Alia’s Capital A/c 8,000

2
(Being Salary, profit share incorrectly distributed, now adjusted) (1 mark for entry 3 marks for
workings)

Ans. 17 Shirish’s Capital Account

Particulars Amount(Rs.) Particulars Amount(Rs.)

To Shirish’s Executors a/c 2,18,750 By Bal b/d(1/2 mark) 1,00,000

(1/2 mark) By profit and loss A/c(1 mark) 40,000
By profit and loss suspense
A/c(1 mark) 8,750
By Harish’s Capital A/c(1/2
mark) 56,000
By Asha’s Capital A/c(1/2 14,000
2,18,750 mark) 2,18,750

Ans 18 Total of share capital Rs. 39,70,000 (1 mark for balance sheet +3 marks for notes to
accounts)

Ans 19 Income and Expenditure Account of Namanjyot Society

For the year ended 31/3/2018.

Expenditure Amount(Rs.) Income Amount(Rs.)

To office expenses 29000 By sale of old newspapers 900

To electrical charges 15000 By locker rent 7000
Add o/s 10000 25000 By Interest on
To postage /stationary 9000 investments1600 2000
To depreciation on furniture 4000 Add accrued 50000
To depreciation on computers 30000 400 84000
To surplus 46900 By entrance fees
By membership subscriptions
143900 143900

Ans 20 (a)
31st march 2018 Bank account ……………………… Dr 4,50,000
To Debenture redemption investment A/c 4,50,000
(being investment realised)

31st march 2018 12% debenture a/c…………………….Dr. 30,00,000

To 12% debenture holders A/c 30,00,000
3
 (being debentures redeemed)
31st march 2018 12% debentureholders’A/c…..Dr. 30,00,000
To bank A/c 30,00,000
(Being debenture holder’s paid off)
31st march 2018 Debenture Redemption Reserve A/c ..Dr. 7,50,000
To General Reserve A/c 7,50,000
(Being Debenture Redemption account transferred to general reserve)
(1+1/2+1/2+1)
(b) Sundry Assets a/c…………………………….. Dr. 3,00,000
Goodwill a/c……………………………………….Dr. 25,000
To Sundry liabilities A/c 50,000
To Dow ltd. A/c 2,75,000
(Being assets and liabilities purchased at higher purchase consideration)
Dow ltd……………………… Dr. 2,75,000
To 8% debenture a/c 2,50,000
To Securities Premium reserve 25,000
(being purchase consideration paid by issue of 8% debentures at premium.) (1.5+1.5)

Ans 21 Loss of revaluation Rs. 42,000 (3 marks)

BAL of capital account Raman 161600
Rohit 102400 (3 marks)
Saloni 132000
Balance sheet Total 569500 ( 2 marks)
OR
Loss of revaluation Rs. 1,00,000 (2 marks)
BAL of capital account
Gautam Rs. 2,40,000
Kanika Rs. 3,60,000
Payment to sushma Rs. 4,82,000 (4 marks)

Balance sheet Total Rs. 7,00,000 ( 2 marks)

Ans 22 Dr. Cash Book Cr.

Receipts Amt(Rs.) Payments Amt(Rs.)

To Share Application &Allotment 12,00,000 By Share Application & 80,000

A/c 3,78,100 Allotment A/c
To Share I & Final Call A/c 5,000 By Balance c/d 15,04,100
To Equity Share Capital A/c 1,000
To Securities Premium Reserve A/c 15,84,100 15,84,100

(3 marks)

4
(i) Equity Share Application & Allotment A/c Dr. 11,20,000
To Equity Share Capital A/c 5,00,000
To Securities Premium Reserve A/c 3,00,000
To Calls in Advance A/c 3,20,000
(Being application & Allotment money transferred)
(ii) Equity Share First & Final Call A/c Dr. 7,00,000
To Equity Share Capital A/c 5,00,000
To Securities Premium Reserve A/c 2,00,000
(Being share First & Final Call money due)
(iii) Calls In arrear A/c...................Dr. 1,900
Calls In Advance A/c .............Dr. 3,20,000
To Equity Share First & Final Call A/c 3,21,900
(Calls in advance adjusted and amount not received transferred to Calls--‐ in--‐arrear A/c)
Or
Calls In Advance A/c .............Dr. 3,20,000
To Equity Share First & Final Call A/c 3,20,000
(Calls in advance adjusted On first and final call)
(iv) Equity Share Capital A/c Dr. 5,000
Securities Premium Reserve A/c Dr. 1,000
To Shares Forfeited A/c 4,100
To Calls in Arrear A/c 1,900
(Being shares forfeited )

(v) Shares Forfeited A/c Dr. 4,100

To Capital Reserve A/c 4,100
(Gain on reissue of forfeited shares transferred to Capital Reserve)
(1*5 marks)

OR

(a) Equity Share Capital A/c Dr 70

To Equity Share Forfeited A/c 50
To Calls in Arrears A/c 20
( Being forfeiture of 10 shares executed)
Bank A/c Dr 64
To Share Capital A/c 64
(Being eight shares reissued to Y as Rs. 8 per share paid up for Rs. 8 per share)
Equity Share Forfeited A/c Dr. 40
To Capital Reserve A/c 40
(Being gain on reissue of forfeited shares transferred to Capital Reserve) (1*3 marks)

(b) Equity Share Capital A/c Dr 1,600

Security Premium A/c Dr 800
To Equity Share Forfeited A/c 1,200

5
 To Calls in Arrears A/c 1,200
(Being Mr. M’s shares forfeited) (2marks)

(c) Equity Share Capital A/c Dr 500

To Equity Share Forfeited A/c 350
To Calls in Arrears A/c 150
(Being 50 shares forfeited for nonpayment of calls)
Bank A/c Dr 160
Equity Share Forfeited A/c 40
To Share Capital A/c 200
(Being 20 shares reissued for Rs. 8 pershare)
Equity Share Forfeited A/c Dr. 100
To Capital Reserve A/c 100
(Being gain on reissue of forfeited shares transferred to Capital Reserve) (1*3 marks)

PART B

Ans 23 True (1 Mark)

Ans 24 Horizontal (1 mark)

Ans. 25 As Commitments (1 mark)

Ans 26 ½ mark for each correct objective.

Ans 27 No Change (1 Mark)

Ans 28 No flow as there is no change in cash and cash equivalents. (1 mark)

Ans 29 For a financial Company. (1 Mark)

Ans 30 (i) Current Liabilities – Short term borrowings

(ii) Shareholders’ funds- reserve and surplus

(iii) Non current assets- Fixed Assets(Intangible) (1*3)

OR

Total Assets to debt Ratio = 15,40,000/3,00,000= 5.13 (1+1+1)

Ans 31 ½ mark for each item and ½ mark for total (3.5+0.5)

OR

6
 Particulars Absolute Amounts Percentage of Revenue from
operations (Net Sales)
(Rs.)

X Ltd. (Rs.) Y Ltd. (Rs.) X Ltd. (Rs.) Y Ltd. (Rs.)

2015
2015 2015 2015
(%)
(%)

Revenue from operations 25,00,000 20,00,000 100 100

Add: Other Income 300000 2,00,000 12 …10…

Total Revenue (1+2) 28,00,000 2200000 112 …110…

(Expenses) Other
Expenses
……600000… 800000 24 40
…….

Profit before tax (3-4) ……2200000 14,00,000 88 …..70

……….

Income Tax 50% …1100000… ……700000 .44 ……35

………. ………..

1100000

Profit after tax ……………. 7,00,000 …44… ……35

(0.25 mark for each correct fill in blank)

Ans 32 Net profit before tax Rs. 1,98,000(1 mark)

Operating profit before working capital changes Rs. 1,62,000(1 Mark)

Cash flows from operating activities Rs. 20,000(1 Mark)

Cash flows from investing activities Rs.(76,000) (1 Mark)

7
Cash flows from fiannacing activities Rs.70,000(1/2 Mark)

Opening /closing cash equivalents (1/2 Mark)

Machinery and Accumulated depreciation account (1/2 Mark +1/2 Mark)